The retail behemoth has acquired One Medical, which is in the Medicare privatization business.

By Matthew Cunningham-Cook, The Lever

Amazon, the $1.25 trillion company founded and led by Washington Post owner Jeff Bezos, has announced that it is acquiring One Medical, a private equity-backed primary care provider that generates over half of its revenue from Medicare.

Jeff Bezos wearing a suit at an event

While Amazon’s profits from its core consumer retail business are dwindling, in part because of heightened competition from brick-and-mortar retailers that were shut down at the beginning of the COVID-19 pandemic, the corporation’s cloud computing division, Amazon Web Services, continues to enjoy robust profits thanks in part to generous government contracts. Now Amazon could be attempting to build on that federal largesse by seeking to milk revenue from Medicare, the national health insurance program for seniors and people with disabilities.

Amazon, which has broad market power, reach, and influence, could use its new platform to advance the cause of Medicare privatization at a much more aggressive pace. The consequences wouldn’t just mean more taxpayer dollars funneled to the mega-corporation, but also Medicare recipients facing a health care system with ever more resources being allocated to profit instead of care.

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